Verv Makes First Blockchain Energy Transaction in the U.K.

Verv has used its smart hub to facilitate the first blockchain energy trade transaction in the U.K. One kilowatt-hour of solar electricity was sent to another residential building on April 11, 2018. The traded electricity was generated from solar panels, and the transaction itself was executed via Verv’s renewable energy trading platform. Experts point that this is the first ever physical blockchain energy trade in the U.K.

Roger, a community resident that participated in the trade, commented:

“Until now, we have been unable to take advantage of the solar panels on the roofs to power our homes due to the structure of the UK electricity market. With the installation of our Verv smart hubs, we are being empowered to generate, store and trade our own community energy and I’m really excited to see how this trial evolves! It’s safe to say energy costs are very high and it’s important, more now than ever, that solutions be sought.”

Peter Davies, the CEO and founder of Verv stated:

“We’re so pleased to be bringing the Verv renewable energy trading platform to life on Hackney’s Banister House Estate, we want to use this technology to empower the residents to innovate and create their own trading community. We plan to use the results of this trial to roll out more energy trading communities across the UK and in turn globally.”

Verv has launched its peer-to-peer energy trading pilot project in November 2017. The project, which aims to create a framework for blockchain-based clean energy trade, is backed by a £100,000 government grant.